oil speculation

We face a choice between radical transportation reform/urban reconstruction and Carmageddon.

For those who are tempted to inhale the smoke being blown about ignoring this choice and merely rallying ourselves to demand cheaper prices at the pump, here’s a thought:

It is far from clear that cheaper oil is even possible. Not all speculation is irrational. Even a nationalized energy industry would probably be buying and stockpiling oil now at high prices, based on the likelihood that future prices will be even higher, due to booming global demand and peaking supplies — neither of which even the most rational cheap gas organizers (like Ralph Nader) usually mention.